So you don't have a web page at the top level?
in IIS Manager right click on default web site and choose properties
Goto Home director Tab
Change to "A redirection to another URL"
Enter the http://whatever/exchange

3) Go to properties of "Default website", select "documents" and click on "Add" button under the "Enable default content page". Here type redirect.htm and make sure this page name (redirect.htm) is in the top/first and should be above Default.htm.

4) Restart the IIS

Thats all, now you try by FQDN, or IP address and you will be able to acces OWA with putting "/exchange"...

Thank you bevhost!! It's working now!!
But I am still not clear with the way you are doing..
1)When you type in "Redirect to a URL" -> /exchnage
Because you also checked the "A directory below URL entered".... Does this mean in the Inetpub\wwwroot ? But Exchange files are not here.

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